Toronto stocks closed stronger Monday, getting a boost from a late-afternoon rally in New York. The S&P/TSX composite index rose 32.08 points, or 0.36%, to 8,991.48. Volume was about 206 million shares.

Seven of the 10 main TSX groups closed higher, led by a 1.4% jump in utilities.

The heavily weighted financial group closed up 0.29%, ahead of bank earnings season which starts tomorrow.

Bank of Montreal, which will be the first bank to report earnings on Tuesday, slipped 5¢ to at $57.85, but CIBC was up $1.09 at $73.16 and National Bank and Scotiabank also closed higher. TD, and Royal Bank were both lower.

The consumer staples, consumer discretionary, and energy sectors all posted small gains.

Technology stocks fell 0.19%, and industrials slipped 0.27%

Among industrial stocks, Bombardier was down 7.4% at $2.50 following news of a fatal air crash in China involving one of its regional jets. However, the firm also announced two orders worth about $161 million to supply an automatic train control system to the Madrid Metro

Gold stocks advanced 0.77%.

The junior S&P/TSX Venture composite index closed down 1.23 points at 1,705.48. Volume was 78 million shares.

The Canadian dollar soared to a 12-year high on Monday, buoyed by better than expected retail sales figures and Bank of Canada Governor David Dodge’s remarks that the domestic currency’s recent rise versus the greenback was not inappropriate.

The loonie finished at US84.27¢, up sharply from US83.82¢ at Friday’s close.

Canadian retail sales rose a higher than expected 0.2% in September, Statistics Canada said . Economists had expected no change from August.

In New York, a drop in oil prices pushed stocks higher.

Crude oil futures closed down 25¢ to US$48.64, on the New York Mercantile Exchange.

The Dow Jones industrial average climbed 32.51 points, or 0.31%, to end at 10,489.82.

The S&P 500 index added 6.90 points to 1,177.24, and the Nasdaq composite index gained 14.56 points, or 0.7%, to 2,085.19.